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Home » Base metals prices traded higher in recent days risen to multi-month highs. Major MCX Commodity update for today.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals prices traded higher in recent days risen to multi-month highs. Major MCX Commodity update for today.

Base Metals

 

Base metals prices traded higher in recent days risen to multi-month highs supported by some strike action in copper in Chile has added fuel to copper’s rally. On the other hand, precious metals rose too amidst expectations for a further stimulus ahead of the US presidential election has boosted risk-on appetite which made the dollar index weak and precious metals strong.

Today, traders should concentrate on the Crude Oil Inventories from the house of the US which will impact on energy segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 8:00 PM: Crude Oil Inventories [{Previous (-3.5M)} {Expected (0.5M)]. Forecast figure is negative for Crude oil price.

 

 

Technical Levels of Base Metals and other Major Commodities

 

 

Gold (Dec)

Gold has its support at 50900 and resistance at 51250.

Break and sustain above 51250 will take it to 51550—51800 levels or else it could test its support again.

Fresh selling will do below 50900.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 62400 and resistance at 63900.

Break and sustain above 63900 will take it to 65200—66000 levels or else it could test its support again.

Fresh selling will do below 62400.

Trade with the levels only.

 

Crude oil (Oct)

Crude oil has its support at 3010 and resistance at 3070.

Break and sustain above 3070 will take it to 3130—3150++ levels or else it could test its support again.

Fresh selling will do below 3010.

Trade with the levels only.

 

Natural Gas (Oct)

Natural gas has its support at 214 and resistance at 219.

Break and sustain above 219 will take it to 224—230 levels or else it could test its support again.

Fresh selling will do on a close below 214 levels.

Trade with the levels only.

 

Zinc (Oct)

Zinc has its Support at 200 and resistance at 204.

Break and sustain above 204 will take it to 208—210 levels or else it could test its support again.

Fresh selling will do on a close below 200 levels.

(Traders can buy it on dip around 202.50—202.00 levels.)

Trade with the levels only.

More will update soon…

 

Commodity Update on WhatsApp

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

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